MANILA, Philippines - The acquisition of a multi-role vessel (MRV) by the military may be finalized next year, Navy chief Vice Admiral Alexander Pama said yesterday.

He said the acquisition of the ship is now on its â€œadvanced stageâ€ and is awaiting approval from higher civilian authorities.

â€œAt least until the level of the Department of National Defense (DND), there seems to be no objection. The process is moving. Hopefully, at the start of the following year, we can finalize this,â€ he said over radio station dzBB.

Pama did not give a timetable for the acquisition, saying he does not want to preempt his superiors. He also did not provide details about the ship to be acquired.

A multi-role vessel is capable of conducting patrols and humanitarian missions and delivering basic services to remote areas.

Earlier, the military announced plans to lease its real estate assets to private firms to raise funds for its modernization program.

Officials said such a scheme would allow the military to procure equipment without raising the budget deficit.